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Foreclosure activity still high in some states

Foreclosures are still happening all around the United States, despite the recession heading on its way out. A news report from Jan. 14, 2015, states that it's New Jersey and Florida that now top the list for U.S. home foreclosures, while South Carolina has seen a decrease in total foreclosures.

Nationally, the rate of foreclosures was .82 percent, and it was at the lowest point it's been in the last nine years in 2015. Unfortunately for New Jersey and Florida, foreclosures were still very much present in their economies, even though most other states returned to normal or even had fewer foreclosures than usual.

Another thing that affected some housing markets was the drop in fuel prices. When oil prices drop, those who produce it pay less and lay off workers to make up for the drop in income and profits. That means that certain parts of the country suffer. In 2015, Texas, North Dakota and Oklahoma all saw a rise in foreclosure activity because of the changes in the oil market.

Foreclosures can be difficult for families, and these reports show that some parts of the United States are still being affected more than others. Although it's less likely to be in a position to need a foreclosure in South Carolina, if you feel you can't keep up with your mortgage, it could be an option that is open to you. There are other ways to manage debts as well, so your attorney is a good person to speak to before you make any life-changing decisions affecting your home and net worth.

Source: CNBC, "New Jersey, Florida foreclosure hotbeds of 2015: Report," Jan. 14, 2016

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